Makes me wonder how some folks get so much damn money in there hands ?
10 youngest billionaires
December 5, 2009Detroit Ground Zero for Economic Collapse Part 2 and 4
December 5, 2009
Credit reporting firm sues LifeLock over fraud alerts
December 5, 2009LifeLock, which touts itself as one of the largest providers of identity theft protection services in the U.S., is being sued by Experian for allegedly placing false fraud alerts on consumer credit-history files maintained by Experian as part of its credit reporting business.
Experian filed its lawsuit in the U.S. District Court for the Central District of California, which has its main office in Los Angeles. In the suit, the Costa Mesa, Calif.-based company claimed that LifeLock is itself engaging in deceptive and fraudulent behavior. Lifelock’s business model is built around false and misleading advertising and fraudulent practices that are causing millions of dollars in monetary damages to Experian and that eventually could reduce the effectiveness of fraud alerts, according to the suit.
Experian asked the court to order LifeLock to pay it full restitution of the costs incurred as a result of the latter’s alleged wrongful conduct, as well as a “disgorgement” of any profits that Lifelock may have earned as a result of that conduct. The credit reporting firm also is seeking unspecified punitive and compensatory damages, plus an injunction barring LifeLock from continuing to engage in its allegedly false and misleading advertising activities.
In an interview today, LifeLock CEO Todd Davis strongly refuted Experian’s claims and contended that the lawsuit was a blatant attempt to prevent his company from expanding its credit monitoring business. Phoenix-based LifeLock is making it harder for Experian to make money off of the credit history files it maintains on individual consumers, Davis said. He added that he welcomes the opportunity to argue the legal issues in court, and that he may even see if there’s a way to bring the other two major credit reporting firms into the case as well.
“We are not surprised [by the lawsuit],” Davis said. “We realized we would be hearing from them when we began taking some of their turf. We feel extremely strongly about our position.”
As part of LifeLock’s identity theft protection service, the company places fraud alerts on behalf of its subscribers with Experian and its two main rivals: Equifax Inc. and TransUnion LLC. For an annual subscription fee of US$110, LifeLock promises to keep renewing the fraud alerts every 90 days and to remove the names of subscribers from credit card and other junk mail lists (Compare Identity Management products).
LifeLock also offers to order free credit reports on behalf of its customers and to act on their behalf to cancel and renew cards that are lost or stolen. The company guarantees that it will pay up to $1 million over the course of a subscriber’s lifetime to cover any fraud-related costs caused by a failure of its service.
Hundreds of thousands of individuals have signed up for the service thus far, according to LifeLock. Meanwhile, Davis has gained considerable attention for publicly disclosing his Social Security number on the company’s Web site as part of a marketing campaign aimed at showing how foolproof the service is.
But Experian claimed in its 58-page complaint that LifeLock is illegally placing “hundreds of thousands of fraud alerts” in its consumer credit database every three months. Experian said that under the federal Fair Credit Reporting Act (FCRA), such alerts are meant to be placed only by consumers or by other individuals who they appoint to act in their interest. The credit reporting firm also claimed that alerts should be entered only when people have already been victimized by identity theft or have legitimate reasons to believe that they are at imminent risk.
In addition, Experian said that the FCRA specifically prohibits companies from placing fraud alerts in the credit files of consumers. According to the lawsuit, LifeLock’s practice of placing such alerts on behalf of its subscribers is costing Experian millions of dollars in charges for calls to its toll-free 1-800 telephone numbers, which were set up specifically for use in submitting fraud alerts.
There are other costs as well, Experian claimed. “Once an initial fraud alert is placed, it triggers costly statutory obligations for consumer reporting agencies such as Experian,” the company said in the lawsuit. For instance, the credit reporting firms are required to mail a notice to anyone who has a fraud alert placed in his or her file. They also have to provide a free credit report, in addition to the one that people are entitled to annually, the company noted.
“Such obligations were never intended to be triggered by a private company seeking to profit by illegally placing fraud alerts on behalf of consumers who do not have a genuine suspicion of imminent fraud,” Experian said in the lawsuit. It described LifeLock’s business model as a scheme to “game the system” and said the latter company was misleading consumers by giving them the false impression that it was authorized to act on their behalf in placing the fraud alerts and that those alerts could be renewed indefinitely.
The lawsuit also calls into question the background of one of LifeLock’s founders, saying that he spent time in jail for financial fraud and has been barred by the Federal Trade Commission from engaging in certain credit reporting activities.
Davis challenged Experian’s assertions and said they were motivated not by concerns for consumers but instead by a desire on the part of Experian to protect its bottom line. LifeLock is cutting into Experian’s own credit monitoring business, Davis claimed. And, he said, the fraud alerts placed by LifeLock make it harder for Experian to sell credit records to third parties because it is required to notify people beforehand.
In addition, Davis contended that Experian is making “semantic arguments” about the spirit of the FCRA as it relates to fraud alerts. Such alerts are meant to be used to protect consumers against identity theft, he said, adding that there is nothing in the law that says the alerts can only be used for 90-day periods. All the FCRA says is that an alert will remain in place for a maximum of 90 days, according to Davis. At the end of that period, an individual is free to place another alert if he or she chooses to, he said.
Davis said Experian also is ignoring the spirit of the FCRA by claiming that the law doesn’t allow companies such as LifeLock to place fraud alerts on the behalf of individuals who appoint it to do so. “We are more than willing to let the court decide that issue,” he said.
Putting Your Credit Report On Ice
December 5, 2009Bailout, Mortgage Fraud- BB&T Bank, Predatory Lending, Subprime
September 3, 2009
Dirty bad people in this world Please watch this Video .
Identity Theft Protection Vid
August 1, 2009
How to protect youself against Identity Theft. Also what to do if you should become a Victim of Identity Theft .
Tips for Fraud Victims
If you believe you are a victim of fraud, you may find the following suggestions helpful:
Protect Yourself – First, make sure a security alert or victim statement is on file with all national credit bureaus.
Inform the Creditor – Contact each creditor with the fraud account and inform them that the account is fraudulent.
Document all Contacts – Make notes of everyone you spoke with; ask for names, department names, phone extensions; record the date you spoke to them.
Understand the Process – Each creditor may have a different process for handling a fraud claim. Make sure you understand exactly what is expected from you, and then ask what you can expect from the creditor. At the conclusion of an investigation, ask the creditor for a document that states you are not responsible for the debt.
Follow Up – Make sure everything a creditor/credit bureau has requested is received. It is always a good idea to place a follow up call or send a letter for confirmation.
Review Reports Regularly – Obtain another report several months AFTER you believe everything is cleared up. If a new fraudulent account is discovered, you know how to handle it. If your credit report is back to normal, you can feel confident that all issues were resolved as you expected. It would be a good idea to check your credit report again in six months and a year later.
Don’t Throw Away Files – Keep all notes and correspondence in an accessible file in case they are needed in the future.
Experian’s fraud protection practices
We strive to protect your credit information with the following practices:
* We drop several digits from each of your credit account numbers on your personal credit report.
* We do not display on your personal credit report the Social Security number that you provided to us when you requested your report.
* We build sophisticated fraud products to assure the integrity of our credit database and to protect consumers and creditors.
* We continually monitor access to our database with sophisticated software, so that if unusual activity occurs, our security and fraud control department investigates immediately.
* We work with law enforcement authorities to catch fraud criminals.
* We require a business to designate a permissible purpose under federal law before they can access consumer credit information.
* We follow extensive procedures to assure that we accept only reputable businesses as our customers.
* We build extensive barriers to prevent computer hackers from accessing consumer credit data.
Credit Video News
July 13, 2009
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Dirtybadcredit Home
June 15, 2009Just because you have a poor credit report doesn’t mean you can’t get credit. Creditors set their own standards, and not all look at your credit history the same way. Some may look only at recent years to evaluate you for credit, and they may give you credit if your bill-paying history has improved. It may be worthwhile to contact creditors informally to discuss their credit standards.
If you’re not disciplined enough to create a workable budget and stick to it, to work out a repayment plan with your creditors, or to keep track of your mounting bills, you might consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But remember that “nonprofit” status doesn’t guarantee free, affordable, or even legitimate services. In fact, some credit counseling organizations — even some that claim non-profit status — may charge high fees or hide their fees by pressuring consumers to make “voluntary” contributions that only cause more debt.
Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.
If you are considering filing for bankruptcy, be aware that bankruptcy laws require that you get credit counseling from a government-approved organization within six months before you file for bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust, the website of the U.S. Trustee Program. That’s the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Be wary of credit counseling organizations that say they are government-approved, but do not appear on the list of approved organizations.
Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and can help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.
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Dirtybadcredit.com is about giving you the information and knowledge to help you succeed in your personal financial success. The word “credit” plays such an important role in a adult’s financial success however, at the same time most adults do not understand what the word “credit” actually means.
So From a financial standpoint credit decides where you live, what kind of car you drive, where you shop, and credit can even decide your job, the bottom line is that if you don’t understand credit, then you need to start today!
That is where Dirtybadcredit information comes in handy . We are a free blog site dedicated to give you the knowledge and understanding of the credit industry so that you have the ability to decide your credit and your financial future.
Have you ever heard the quote, “knowledge is power?” Well credit knowledge is is the key to your financial future, credit score, credit cards, improving credit, building credit, buying a house, buying a car, leasing an apartment or even finding a job. We will help you understand not just what to do in each situation but how to succeed in each one. Once you have the finical knowledge you need then you have the power to change your financial future.
If you have a unique situation or question regarding credit contact us, we will do our best to get you the knowledge, so you have the power!
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How to Prevent Fraud Against Homeowner Associations
Fraud on a homeowners association hurts all of the homeowners and makes the association board look bad. It’s a financial loss, of course, but it also causes suspicion and mistrust of the board members, as well as the sense of guilt the board members feel for failing to prevent it. The most common fraud against these organizations involves conflict of interest, bribery and illegal gifts, false reimbursement of expenses, over billing, check tampering and cash theft.
1.
Step 1
Require two board members’ signatures on all checks and account transfers over a certain amount. No single person should be able to make the decision to pay a large bill or move a significant amount of the association’s money around. A common limit is $500. Many routine bills, such as utility payments, may approach this amount, but paying larger items should be a shared responsibility. Also, don’t give over the check signing or bank transfer authority to an outside manager.
2.
Step 2
Avoid making checks out to cash or having board members sign blank checks for later payment. It’s tempting, with busy schedules, to have some checks pre-signed so the board officer responsible for issuing checks doesn’t have to hunt down a co-signer at an inconvenient time. Don’t give in to the temptation. The convenience is not worth the risk of signed checks getting into the wrong hands or being misused.
3.
Step 3
Obtain multiple bids for all major contracts and check references. Make it a policy to avoid conflicts of interest by not soliciting or accepting bids from board members, their friends or relatives. Open bidding keeps all contractors on the same level and makes it possible for the board to objectively compare the bids and get the most competitive price.
4.
Step 4
Set low limits on any credit cards issued to board members or association employees. It’s also a good idea to have a different board member approve payment of the card expenses than the one who makes the charges.
5.
Step 5
Review thoroughly invoices and supporting documentation before signing payment checks. The same is true for reimbursement checks to board members, employees or homeowners who make purchase on behalf of the association. Also, make sure any work done by vendors is inspected and satisfactorily completed before paying an invoice.
6.
Step 6
Keep association records up to date and require regular financial reports at each board meeting. Reconcile all bank accounts monthly, and segregate responsibilities by have a different board member reconcile the bank than the one who pays the bills.
7.
Step 7
Keep a minimum of petty cash and have board members count it periodically on an unannounced basis.
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